Adding Insult To Injury, Greek Gas Prices Are Now The Highest In Europe

Just because being officially the first broke Eurozone country, having 50%+ youth unemployment, and a collapsing economy is not enough, adding absolutely insult to injury is the following chart from Reuters, which shows that compared to other European economies, Greece now has the highest gas price in the old continent. And indicatively while America complains over what is now the highest gas prices in 2012 per AAA, at $3.80 average for a gallon of regular, 30 cents higher than a month ago, and 35 cents higher compared to a year earlier, gas in Greece now sells for over $9.00/gallon. But at least the IMF's worst case projects that Greek economy will be flat in 2013. And that's the "worst case scenario." But at least Europe sure taught Iran a lesson by halting crude imports. Oh yes, that Iran just happened to be one of the biggest suppliers to Greece - oh well. At least Greece still gets to proudly say it is a European colony, everything else be damned.

Well what do you expect the government to do when hundreds of thousands of people have handed in their number plates and stopped driving their cars. Smart government makes the remaining drivers pay for the short fall until they too hand in their number plates.

Fake prices denominated in a fake/manipulated currency means the "law of supply & demand" can be temporarily suspended. At least for now, before Governments and their Central Bank enablers have completely exhausted what is left of their credibility.

Hate to tell you guys, but Turkey is half in Europe and thier gas is over $12.00/gal. Some of the worst traffic jams I've ever seen are in Instanbul. So the prize goes to them for now. Unbelievable that Americans complain about gas prices ...

Who would want to sell petrol to a Greek garage? You'd want upfront payment before the tanker crossed the border as the country could leave the euro at any time and then you have a credito with no hard currency. Not a surprise that prices have risen a lot.

It's time for the Greeks to start producing biofuel out of olive oil. There should be plenty of it because I've seen a dozen interviews already with jobless Greeks who planned to grow olives for a living.

I think it could be a great time to buy some longer dated puts on OIL, Obama is gonna try and get the price of oil down if he doesn't its political suicide. If nothing in the middle east rises rapidly, demand is falling for gasoline and Obama may release SPR and probably the Keystone pipeline deal in mid summer to get gas prices down.

Im thinking short CL could be a decent trade here going into the summer months. If we get WTI close to 115 and Brent at 130+ I would be getting extremely short going into the fall, it will cause very difficult economic consequences.